Intrinsic value of PTC - PTC

Previous Close

$96.54

  Intrinsic Value

$4.64

stock screener

  Rating & Target

str. sell

-95%

Previous close

$96.54

 
Intrinsic value

$4.64

 
Up/down potential

-95%

 
Rating

str. sell

We calculate the intrinsic value of PTC stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 11.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.10
  2.39
  2.65
  2.89
  3.10
  3.29
  3.46
  3.61
  3.75
  3.88
  3.99
  4.09
  4.18
  4.26
  4.34
  4.40
  4.46
  4.52
  4.56
  4.61
  4.65
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
Revenue, $m
  1,188
  1,217
  1,249
  1,285
  1,325
  1,369
  1,416
  1,467
  1,522
  1,581
  1,644
  1,711
  1,783
  1,859
  1,940
  2,025
  2,115
  2,211
  2,312
  2,418
  2,531
  2,649
  2,774
  2,906
  3,044
  3,190
  3,344
  3,505
  3,675
  3,854
Variable operating expenses, $m
  1,225
  1,250
  1,280
  1,313
  1,349
  1,388
  1,431
  1,478
  1,528
  1,582
  1,495
  1,556
  1,621
  1,690
  1,763
  1,841
  1,923
  2,010
  2,102
  2,199
  2,301
  2,409
  2,522
  2,642
  2,768
  2,900
  3,040
  3,187
  3,341
  3,504
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  1,225
  1,250
  1,280
  1,313
  1,349
  1,388
  1,431
  1,478
  1,528
  1,582
  1,495
  1,556
  1,621
  1,690
  1,763
  1,841
  1,923
  2,010
  2,102
  2,199
  2,301
  2,409
  2,522
  2,642
  2,768
  2,900
  3,040
  3,187
  3,341
  3,504
Operating income, $m
  -36
  -34
  -31
  -27
  -24
  -20
  -16
  -11
  -6
  -1
  149
  155
  162
  169
  176
  184
  192
  201
  210
  220
  230
  241
  252
  264
  276
  290
  304
  318
  334
  350
EBITDA, $m
  264
  270
  277
  285
  294
  304
  314
  326
  338
  351
  365
  380
  396
  412
  430
  449
  469
  491
  513
  537
  562
  588
  616
  645
  675
  708
  742
  778
  815
  855
Interest expense (income), $m
  0
  41
  43
  45
  48
  50
  53
  56
  60
  64
  68
  72
  77
  82
  87
  92
  98
  105
  111
  118
  126
  134
  142
  151
  160
  169
  180
  190
  202
  213
  226
Earnings before tax, $m
  -78
  -77
  -76
  -75
  -74
  -73
  -72
  -71
  -70
  -68
  77
  79
  80
  82
  84
  85
  87
  89
  92
  94
  96
  99
  101
  104
  107
  110
  113
  117
  120
  124
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  21
  21
  22
  22
  23
  23
  24
  24
  25
  25
  26
  27
  27
  28
  29
  30
  31
  31
  32
  33
Net income, $m
  -78
  -77
  -76
  -75
  -74
  -73
  -72
  -71
  -70
  -68
  56
  57
  59
  60
  61
  62
  64
  65
  67
  69
  70
  72
  74
  76
  78
  80
  83
  85
  88
  90

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,411
  2,468
  2,534
  2,607
  2,688
  2,776
  2,872
  2,976
  3,087
  3,207
  3,335
  3,471
  3,616
  3,771
  3,934
  4,107
  4,291
  4,484
  4,689
  4,905
  5,133
  5,374
  5,627
  5,894
  6,175
  6,471
  6,782
  7,110
  7,454
  7,817
Adjusted assets (=assets-cash), $m
  2,411
  2,468
  2,534
  2,607
  2,688
  2,776
  2,872
  2,976
  3,087
  3,207
  3,335
  3,471
  3,616
  3,771
  3,934
  4,107
  4,291
  4,484
  4,689
  4,905
  5,133
  5,374
  5,627
  5,894
  6,175
  6,471
  6,782
  7,110
  7,454
  7,817
Revenue / Adjusted assets
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
Average production assets, $m
  1,558
  1,595
  1,638
  1,685
  1,737
  1,794
  1,856
  1,923
  1,995
  2,073
  2,155
  2,244
  2,337
  2,437
  2,543
  2,655
  2,773
  2,898
  3,031
  3,170
  3,318
  3,473
  3,637
  3,809
  3,991
  4,182
  4,383
  4,595
  4,818
  5,052
Working capital, $m
  -36
  -37
  -37
  -39
  -40
  -41
  -42
  -44
  -46
  -47
  -49
  -51
  -53
  -56
  -58
  -61
  -63
  -66
  -69
  -73
  -76
  -79
  -83
  -87
  -91
  -96
  -100
  -105
  -110
  -116
Total debt, $m
  744
  780
  821
  866
  917
  972
  1,032
  1,097
  1,167
  1,241
  1,321
  1,407
  1,497
  1,594
  1,696
  1,804
  1,919
  2,040
  2,168
  2,303
  2,445
  2,595
  2,754
  2,921
  3,096
  3,281
  3,476
  3,681
  3,896
  4,123
Total liabilities, $m
  1,507
  1,543
  1,584
  1,629
  1,680
  1,735
  1,795
  1,860
  1,930
  2,004
  2,084
  2,170
  2,260
  2,357
  2,459
  2,567
  2,682
  2,803
  2,931
  3,066
  3,208
  3,358
  3,517
  3,684
  3,859
  4,044
  4,239
  4,444
  4,659
  4,886
Total equity, $m
  904
  926
  950
  978
  1,008
  1,041
  1,077
  1,116
  1,158
  1,203
  1,251
  1,302
  1,356
  1,414
  1,475
  1,540
  1,609
  1,682
  1,758
  1,839
  1,925
  2,015
  2,110
  2,210
  2,316
  2,427
  2,543
  2,666
  2,795
  2,931
Total liabilities and equity, $m
  2,411
  2,469
  2,534
  2,607
  2,688
  2,776
  2,872
  2,976
  3,088
  3,207
  3,335
  3,472
  3,616
  3,771
  3,934
  4,107
  4,291
  4,485
  4,689
  4,905
  5,133
  5,373
  5,627
  5,894
  6,175
  6,471
  6,782
  7,110
  7,454
  7,817
Debt-to-equity ratio
  0.820
  0.840
  0.860
  0.890
  0.910
  0.930
  0.960
  0.980
  1.010
  1.030
  1.060
  1.080
  1.100
  1.130
  1.150
  1.170
  1.190
  1.210
  1.230
  1.250
  1.270
  1.290
  1.310
  1.320
  1.340
  1.350
  1.370
  1.380
  1.390
  1.410
Adjusted equity ratio
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -78
  -77
  -76
  -75
  -74
  -73
  -72
  -71
  -70
  -68
  56
  57
  59
  60
  61
  62
  64
  65
  67
  69
  70
  72
  74
  76
  78
  80
  83
  85
  88
  90
Depreciation, amort., depletion, $m
  300
  304
  308
  313
  318
  324
  330
  336
  344
  351
  216
  224
  234
  244
  254
  265
  277
  290
  303
  317
  332
  347
  364
  381
  399
  418
  438
  460
  482
  505
Funds from operations, $m
  222
  227
  232
  238
  244
  250
  258
  266
  274
  283
  272
  282
  292
  304
  315
  328
  341
  355
  370
  386
  402
  419
  438
  457
  477
  499
  521
  545
  570
  596
Change in working capital, $m
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
Cash from operations, $m
  223
  228
  233
  239
  245
  252
  259
  267
  276
  285
  274
  284
  295
  306
  318
  330
  344
  358
  373
  389
  405
  423
  441
  461
  481
  503
  526
  550
  575
  601
Maintenance CAPEX, $m
  -153
  -156
  -160
  -164
  -168
  -174
  -179
  -186
  -192
  -200
  -207
  -216
  -224
  -234
  -244
  -254
  -265
  -277
  -290
  -303
  -317
  -332
  -347
  -364
  -381
  -399
  -418
  -438
  -460
  -482
New CAPEX, $m
  -32
  -37
  -42
  -47
  -52
  -57
  -62
  -67
  -72
  -77
  -83
  -88
  -94
  -100
  -106
  -112
  -118
  -125
  -132
  -140
  -147
  -155
  -164
  -172
  -182
  -191
  -201
  -212
  -223
  -234
Cash from investing activities, $m
  -185
  -193
  -202
  -211
  -220
  -231
  -241
  -253
  -264
  -277
  -290
  -304
  -318
  -334
  -350
  -366
  -383
  -402
  -422
  -443
  -464
  -487
  -511
  -536
  -563
  -590
  -619
  -650
  -683
  -716
Free cash flow, $m
  38
  35
  31
  28
  24
  21
  18
  15
  11
  8
  -16
  -20
  -24
  -28
  -32
  -36
  -40
  -45
  -49
  -54
  -59
  -64
  -70
  -75
  -81
  -87
  -94
  -101
  -108
  -115
Issuance/(repayment) of debt, $m
  31
  36
  41
  46
  50
  55
  60
  65
  70
  75
  80
  85
  91
  96
  102
  108
  115
  121
  128
  135
  142
  150
  158
  167
  176
  185
  195
  205
  215
  227
Issuance/(repurchase) of shares, $m
  97
  98
  100
  102
  104
  106
  108
  110
  111
  113
  0
  0
  0
  0
  0
  3
  5
  7
  10
  13
  15
  18
  21
  24
  27
  31
  34
  38
  42
  45
Cash from financing (excl. dividends), $m  
  128
  134
  141
  148
  154
  161
  168
  175
  181
  188
  80
  85
  91
  96
  102
  111
  120
  128
  138
  148
  157
  168
  179
  191
  203
  216
  229
  243
  257
  272
Total cash flow (excl. dividends), $m
  166
  169
  172
  176
  179
  182
  186
  189
  192
  196
  64
  65
  67
  69
  71
  75
  79
  84
  89
  94
  99
  104
  110
  116
  122
  128
  135
  142
  149
  157
Retained Cash Flow (-), $m
  -97
  -98
  -100
  -102
  -104
  -106
  -108
  -110
  -111
  -113
  -48
  -51
  -54
  -58
  -61
  -65
  -69
  -73
  -77
  -81
  -85
  -90
  -95
  -100
  -105
  -111
  -117
  -123
  -129
  -136
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  76
  77
  79
  81
  84
  86
  89
  92
  95
  99
  103
  107
  111
  116
  121
  126
  132
  137
  144
  150
  157
  164
  172
  180
  189
  198
  207
  217
  228
  239
Cash available for distribution, $m
  70
  71
  72
  73
  75
  76
  78
  79
  81
  83
  16
  14
  13
  11
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  16
  17
  18
  19
  20
  21
Discount rate, %
  5.00
  5.25
  5.51
  5.79
  6.08
  6.38
  6.70
  7.04
  7.39
  7.76
  8.14
  8.55
  8.98
  9.43
  9.90
  10.39
  10.91
  11.46
  12.03
  12.63
  13.27
  13.93
  14.63
  15.36
  16.13
  16.93
  17.78
  18.67
  19.60
  20.58
PV of cash for distribution, $m
  66
  64
  61
  59
  56
  53
  49
  46
  43
  39
  7
  5
  4
  3
  2
  2
  2
  2
  1
  1
  1
  1
  1
  1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  98.9
  97.9
  96.8
  95.8
  94.8
  93.8
  92.8
  91.9
  91.0
  90.1
  90.1
  90.1
  90.1
  90.1
  90.1
  90.1
  90.0
  90.0
  89.9
  89.9
  89.8
  89.7
  89.6
  89.5
  89.4
  89.3
  89.2
  89.0
  88.9
  88.8

PTC Inc. is a global computer software and services company. The Company offers a portfolio of computer-aided design (CAD) modeling, product lifecycle management (PLM) and service lifecycle management (SLM) solutions for manufacturers to create, operate, and service products. It offers a suite of Internet of Things (IoT) solutions that enables its customers to connect, manage and analyze data, and create applications. Its segments include the Solutions Group, the IoT Group and Professional Services. The Solutions Group segment includes its CAD, PLM and SLM products. The IoT Group segment includes its IoT, analytics and augmented reality (AR) solutions. The Professional Services segment includes consulting, implementation and training business. Its IoT products include ThingWorx, KEPServerEX, Vuforia Studio and Vuforia. Its CAD products include Creo and Mathcad. Its PLM products include Windchill, Integrity, Navigate and Creo View. Its SLM products include Servigistics and Arbortext.

FINANCIAL RATIOS  of  PTC (PTC)

Valuation Ratios
P/E Ratio 1855.7
Price to Sales 9.6
Price to Book 12.6
Price to Tangible Book
Price to Cash Flow 82.5
Price to Free Cash Flow 101.2
Growth Rates
Sales Growth Rate 2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -3.8%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio NaN
Current Ratio 0.2
LT Debt to Equity 80.5%
Total Debt to Equity 80.5%
Interest Coverage 0
Management Effectiveness
Return On Assets 0.3%
Ret/ On Assets - 3 Yr. Avg. 0%
Return On Total Capital 0.4%
Ret/ On T. Cap. - 3 Yr. Avg. 0%
Return On Equity 0.7%
Return On Equity - 3 Yr. Avg. -0%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 71.7%
Gross Margin - 3 Yr. Avg. 72.2%
EBITDA Margin 7.4%
EBITDA Margin - 3 Yr. Avg. 6%
Operating Margin 3.5%
Oper. Margin - 3 Yr. Avg. 1.2%
Pre-Tax Margin -0.1%
Pre-Tax Margin - 3 Yr. Avg. -1.3%
Net Profit Margin 0.5%
Net Profit Margin - 3 Yr. Avg. -0.1%
Effective Tax Rate 700%
Eff/ Tax Rate - 3 Yr. Avg. 213.9%
Payout Ratio 0%

PTC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PTC stock intrinsic value calculation we used $1164 million for the last fiscal year's total revenue generated by PTC. The default revenue input number comes from 2017 income statement of PTC. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our PTC stock valuation model: a) initial revenue growth rate of 2.1% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5%, whose default value for PTC is calculated based on our internal credit rating of PTC, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of PTC.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of PTC stock the variable cost ratio is equal to 103.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for PTC stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.8% for PTC.

Corporate tax rate of 27% is the nominal tax rate for PTC. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the PTC stock is equal to 6.5%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for PTC are equal to 131.1%.

Life of production assets of 10 years is the average useful life of capital assets used in PTC operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for PTC is equal to -3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $885 million for PTC - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 116 million for PTC is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of PTC at the current share price and the inputted number of shares is $11.2 billion.

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COMPANY NEWS

▶ PTC Inc.: Fiscal 3Q Earnings Snapshot   [Jul-18-18 04:24PM  Associated Press]
▶ PTC Inc. to Host Earnings Call   [03:00PM  ACCESSWIRE]
▶ PTC Q3 Earnings Preview   [08:06AM  Benzinga]
▶ 5 Tech Stocks on Wall Street's Radar Right Now   [Jul-10-18 11:41AM  TheStreet.com]
▶ PTC to Announce Fiscal Q318 Results on Wednesday, July 18th   [Jul-05-18 07:00AM  Business Wire]
▶ Future home of PTC, Alexion could sell for $450M   [Jun-20-18 05:56AM  American City Business Journals]
▶ Rockwell investing $1B in Massachusetts software company PTC   [11:46AM  American City Business Journals]
▶ PTC shares hit record high after $1B investment from Rockwell   [11:29AM  American City Business Journals]
▶ PTC to Participate in Three Upcoming Investor Conferences   [May-08-18 02:00PM  Business Wire]
▶ Top Ranked Momentum Stocks to Buy for May 2nd   [May-02-18 10:49AM  Zacks]
▶ PTC Inc.: Fiscal 2Q Earnings Snapshot   [Apr-18-18 04:12PM  Associated Press]
▶ PTC Inc. to Host Earnings Call   [12:00PM  ACCESSWIRE]
▶ lululemon Upgrades to Latest Version of PTC FlexPLM   [Mar-12-18 11:00AM  Business Wire]
▶ PTC Cloud Receives Esteemed FedRAMP Certification   [Feb-27-18 11:00AM  Business Wire]
▶ Industry Leaders to Speak at LiveWorx18   [Feb-12-18 02:00PM  Business Wire]
▶ PTC to Participate in Three Upcoming Investor Conferences   [Feb-05-18 08:01AM  Business Wire]
▶ PTC Announces Executive Departure   [08:05AM  Business Wire]
▶ PTC Shares Jump After Q1 Earnings Beat   [Jan-18-18 09:31AM  Investopedia]
▶ PTC Inc. beats Street 1Q forecasts   [05:05PM  Associated Press]
▶ P T C Shows Rising Relative Strength; Still Shy Of Key Benchmark   [Dec-27-17 03:00AM  Investor's Business Daily]
▶ How To Play The Future Of Urban Planning   [Dec-19-17 05:06PM  Forbes]
▶ ETFs with exposure to PTC, Inc. : December 18, 2017   [Dec-18-17 04:11PM  Capital Cube]
▶ ETFs with exposure to PTC, Inc. : December 5, 2017   [Dec-05-17 01:15PM  Capital Cube]
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